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(Kitco News) Gold and silver price pullbacks appear to be only temporary as the uptrend wants to drive prices higher, according to Commerzbank analyst Carsten Fritsch. “Gold and silver quickly recovered from yesterday’s pullback, although they have not yet recovered all their losses … The rapid recovery makes it clear that the market wants to push prices higher, so a new offer is likely to the record, “says Fritsch. Price declines also appear to spark significant buying interest. Yesterday’s drop in prices sparked considerable buying interest: Bloomberg-tracked gold ETFs recorded inflows of 17.5 tonnes. They weren’t limited to just the SPDR Gold Trust, which accounted for about half of the entries. In addition, the entries reported yesterday were the most pronounced in one day in more than five weeks. Meanwhile, inflows to gold ETFs totaled 148 tonnes since the beginning of the month. Until now, July has not seen a single day of departures, “adds Fritsch.
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